Prime Minister welcomes collaboration with PayPal to support cross-border services

Colombo, May 15 (Daily Mirror) - Prime Minister Dr. Harini Amarasuriya today welcomed the initiative by Sri Lankan banks to collaborate with PayPal as the country advances its digital economy ambitions. 

PayPal services will soon be made available in Sri Lanka through initial banking partners Bank of Ceylon, Commercial Bank of Ceylon and Sampath Bank PLC, with additional banks expected to join in the coming months. 

The announcement marks a significant step in ongoing efforts to strengthen secure and trusted cross-border payment access for Sri Lankan consumers, freelancers, entrepreneurs, start-ups and businesses. 

Sri Lanka’s digital economy agenda is focused on enabling inclusive growth, supporting digital entrepreneurship and strengthening the country’s connectivity with international markets. 

The expansion of cross-border payment services is expected to play an important role in advancing this vision by enabling Sri Lankan small businesses, start-ups and enterprises to participate more actively in global commerce. Sri Lanka’s micro, small and medium-sized enterprises are estimated to contribute approximately 52% of the country’s GDP, underscoring the importance of improving global market access for the sector. 

Freelancers, entrepreneurs, small businesses, start-ups and digital service providers are expected to benefit from improved payment interoperability and more secure and trusted methods of transacting with customers worldwide. 

The Prime Minister while participtaing at an industry event attended by senior government officials, industry leaders and representatives of participating financial institutions said establishing a globally accepted and integrated platform that ensures accountability and security is essential due to increasing concerns globally about scams, insecure systems and dubious transactions.

“This is indeed a moment of celebration, and I think one that is testament to the fact that Sri Lanka’s role in the digital economy is finally being recognised, and that we are able to position ourselves both regionally and globally. As many of you know, we have ambitious targets for our digital economy, and this is expected to become one of our primary areas of growth and job creation. We also have many talented freelancers in this sector, and establishing a system of transparent and secure financial services is absolutely important to our growth strategies and to establishing ourselves in this space. The SME sector, online services, e-commerce and the digital economy are all closely linked, and I believe this is a rapidly expanding sector where we can expect some of the most exciting growth opportunities in the months and years ahead. I think it is extremely important that online services and payments come under a more secure, legitimate and accountable system," she said.

"We have seen increasing concerns globally about scams, insecure systems and dubious transactions, so establishing a globally accepted and integrated platform that ensures accountability and security is essential as we move forward. While we are looking to the digital economy, the SME sector and e-commerce as major areas of growth, we cannot forget that our economic growth plan is organised around two fundamental principles: equity,  ensuring that no one is left behind,  and transparency and accountability. As we think about expanding the SME sector, supporting freelancers, growing e-commerce and strengthening our digital economy, we must also ensure that the longstanding issues our country has faced,  social inequity, economic inequity and widening disparities in growth,  are addressed. Our growth must be inclusive, equitable and socially responsible. I am hopeful that our younger generation, which is enthusiastically participating in this transformation, will take the lead in ensuring that Sri Lanka’s future growth reflects those values. I hope this collaboration and initiative will bring the benefits we are all hopeful for, and that it will ensure our country remains on the path not only to recovery and resilience, but also to positioning itself regionally and globally as a trustworthy nation,  one that is capable of doing much more than merely following others, and one that is positioned as it truly deserves to be,” she said.